Client Profile
Ontario resident owning shares in a private corporation in addition to personal assets including real property and registered accounts.
The Challenge
The client had an existing simple will that treated all assets identically. On review, we identified that the estate would be subject to significant Ontario Estate Administration Tax (probate fees) on the full value of the estate, including the private corporation shares, which was avoidable with proper planning.
Our Approach
We advised the client on the dual will structure, explaining how separating the private corporation shares into a secondary will that does not require probate could eliminate probate fees on the most valuable asset in the estate. We drafted both the primary and secondary wills, along with updated powers of attorney for property and personal care.
Result
The client’s estate plan was restructured to avoid probate fees on the private corporation shares, resulting in a material saving for the estate beneficiaries with no additional complexity in the administration of the estate.
Details have been anonymised to preserve client confidentiality. Past results do not guarantee future outcomes.